TMI Blog2019 (4) TMI 1207X X X X Extracts X X X X X X X X Extracts X X X X ..... the Insolvency and Bankruptcy Code, 2016. - C.A. NO. 93 (ND) OF 2018 COMPANY PETITION (IB) NO. 74 (ND) OF 2018 - - - Dated:- 1-2-2019 - DR. DEEPTI MUKESH, JUDICIAL MEMBER For The Appellant : Neeraj Kumar Gupta, Adv. and Yogesh Kumar Gupta, RP For The Respondent : RP for the Appellant. V. Sudeep ORDER 1. This is an application filed by the Resolution Professional Mr. Yogesh Kumar Gupta, IP Registration no. IBBI/PA-003/IP-N00078/2017-18/10701 under Section 33 (1) of Insolvency and Bankruptcy Code, 2016 (hereinafter referred as the Code ) for issuance of directions for liquidation of the corporate debtor, M/s Integrated Caps Pvt. Ltd. 2. The fact ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rculated to all the members and other participants of the CoC with the details of the new Resolution Professional. The change in resolution professional as proposed by the Syndicate Bank was approved by the CoC. 6. Thereafter the Syndicate Bank, Financial Creditor filed an application before the Hon'ble Tribunal for the change in the RP on 09.05.2018 and on 11.06.2018, the order was pronounced by the Hon'ble Tribunal where the application for appointment of a new Resolution Professional was dismissed. 7. Thereafter in the meeting of Committee of Creditors held on 25.06.2018 the IRP was appointed as Resolution Professional (RP). 8. That the Resolution Professional (RP) had taken custody an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er is expiring on 02.11.2018 and due to non-receipt of a Resolution Plan the CoC in its meeting dated 10.07.2018 has passed the following resolution: a) That the liquidation of the Corporate Debtor, is recommended; b) That the RP is requested to file application before the Adjudicating Authority under Section 33 of the Code; c) That the Mr. Pankaj Khetan recommended to be appointed as liquidator. d) That the liquidator be paid professional fee as per provisions of Regulation 4 of the IBBI Liquidation Process Regulations e) that CIRP expenses of ₹ 14,13,060/- incurred by the Resolution Professional is approved. 11. Meanwhile, since 180 days of m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for liquidation with Hon'ble Adjudicating Authority i.e. NCLT, Principal Bench The matter was discussed in detail and after discussion the following resolution was passed unanimously: 'REOLVED THAT' an application for liquidation be filed with Hon'ble Adjudicating Authority, i.e. National Company Law Tribunal, Court IV, New Delhi. 14. The voting sheet of the 7th meeting of CoC held on 24.09.2018 has been placed on record which shows that approval for filing application for liquidation with adjudicating authority was passed with 100% votes mainly consisting of Syndicate Bank with 96.74% of total voting share and HCCBI with 3.26% of the total voting share. Be that as it may, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bankruptcy Code shall commence; e. This order is deemed to be a notice of discharge to the officers, employees and the workmen of the corporate debtor as per Section 33(7) of the Insolvency and Bankruptcy Code, 2016; f. The Liquidator is directed to proceed with the process of liquidation in a manner laid down in Chapter III of Part II of the Insolvency and Bankruptcy Code, 2016 and in accordance with the relevant regulations. g. The Liquidator shall submit a Preliminary Report to the Adjudicating Authority within seventy-five days from the liquidation commencement date as per Regulation 13 of the Insolvency and Bankruptcy (Liquidation Process) Regulations, 2016. h. Copy o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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